US Oil Production Fell To 11-Month Low In January, Data Shows

U.S. crude oil output declined by 305,000 barrels daily to 13.15 million bpd in January, reaching the lowest point since February 2024, data released by the United States Energy Information Administration on Monday revealed. The data indicated this was the largest dip in monthly oil production since January 2024 in the United States. Reuters report suggests that the EIA also revised its projection of peak US oil output in December by roughly 40,000 bpd to 13.45 million bpd.

Oil production in Texas, the leading oil-producing state in the United States, decreased by 105,000 bpd to 5.58 million bpd, marking the lowest point since March 2024. This marked the biggest monthly drop in the southwestern state since January 2024. New Mexico, the United States' second-biggest oil producer, experienced its largest monthly output drop in a year. According to EIA data, crude oil production in the southwestern state dropped by 53,000 bpd to 2.06 million bpd in January, marking the lowest figure since July 2024.

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Gross natural gas output in the United States Lower 48 states decreased by 1.7 per cent to 116.3 billion cubic feet per day in January, down from a monthly record of 118.3 bcfd the month before, per the agency. In the leading gas-producing states, January's output decreased by 1.2 per cent to 36.0 bcfd in Texas while increasing by 0.1 per cent to 21.4 bcfd in Pennsylvania. In December 2024, Texas achieved a record monthly output of 36.4 bcfd, while Pennsylvania reached its highest level of 21.9 bcfd in December 2021.